Jio Platforms IPO fully subscribed within 100 minutes to set record

Jio Platforms Ltd's Rs 30,213 crore public offer was fully subscribed within 100 minutes of opening on Wednesday, making it the fastest-ever subscribed IPO.

The issue features a price band of Rs 1,065 to Rs 1,119 per share and is set to exceed Hyundai Motor India's 2024 IPO to become India's largest by value.

Managing Director Akash Ambani stated that almost the entire proceeds will be used to make the company net debt-free.